Determine the amount to be paid in full settlement of each of two invoices, (a) and...
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Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Freight Paid by Seller Credit for Refunds and Merchandise Freight Terms Allowances a, $7,700 $100 FOB shipping point, 1/10, n/30 $1,200 b. 3,300 300 FOB destination, 2/10, n/30 800 a. 6,565 X b. 2,550 X Check My Work a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return-Discount) + applicable freight. Feedback Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Freight Paid by Seller Credit for Refunds and Merchandise Freight Terms Allowances a, $7,700 $100 FOB shipping point, 1/10, n/30 $1,200 b. 3,300 300 FOB destination, 2/10, n/30 800 a. 6,565 X b. 2,550 X Check My Work a & b. Under FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return-Discount) + applicable freight. Feedback
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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